May 21, 2009

Prince's 'Secret' Deal With K-State Worth $3.2 Million

As if the Ron Prince era wasn't disastrous enough, Kansas State could be on the hook for an additional $3.2 million in compensation to its former coach.

Prince, who got a $1.2 million buyout when he was fired last Nov. 5, is scheduled to receive payments beginning in 2015 and ending in 2020 that total $3.2 million. That would bring Prince's total buyout to $4.4 million.

The deal for the additional compensation was signed last Aug. 7 by former athletic director Bob Krause, a pact Kansas State officials said they knew nothing about.

Kansas State has filed a lawsuit to invalidate the contract because it alleges that Prince’s agent/lawyer negotiated directly with Krause and not through the university’s lawyers. University officials contend the "secret" deal is a breach of ethics.

Kansas State officials said they learned of the contract while responding to an informational request in a lawsuit involving former Kansas State defensive coordinator Tim Tibesar, who was not retained by Bill Snyder.

Krause resigned Wednesday as director of development for Kansas State’s Olathe Innovation Campus, a position he was given after stepping down as athletic director in January.

Before becoming athletic director, Krause served as vice president for institutional advancement. He took over in February 2008 for Tim Weiser, who left in part because he refused to give Prince, now the special teams coach at Virginia, a raise and increased buyout. Weiser was given a controversial $1.9 million settlement before leaving to become deputy commissioner of the Big 12 Conference.

In Febuary 2009, the Wichita Eagle reported that the athletic department had paid Krause $298,437 in consulting fees between 2001 to 2008, even though he was already on the university's payroll.